Simple Trade Setup | BEL | 23-05-2022 [INTRADAY]NSE:BEL
Observations:
1) On 1day Time Frame, if we apply Fib from recent low up trend move then we can see that it is near 38.20% Fib Retracement range.
Breakout of this level of 238.15-238.35 will be buy trade opportunity for quick target of 240.
But still safe buy trade will be on breakout 240 level for positional trader.
Please refer below chart : 1day time frame.
2) On 15min Time frame, we can see kind of cup and handle pattern
Please refer below chart : 15min time frame.
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Trade Setup for 23-05-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
